JURSIDICTION SNAPSHOT:
Country: Eire
Status: Full Jurisdiction
Jurisdiction Name : xbrl.ie
Website : http://www.xbrl-ie.org
Membership Count: 9
IFRS Adoption for Public Companies: Required for all domestic listed companies
REGULATORS:
Companies Registrar: An Oifig um Claru Cuideachtai | Companies Registration Office -CRO
Banking Supervisor: Banc Ceannais agus Udaras Seirbhisi Airgeadais na hEireann | Central Bank and Financial Services Authority of Ireland
Securities Regulator: Banc Ceannais agus Udaras Seirbhisi Airgeadais na hEireann | Central Bank and Financial Services Authority of Ireland
PRINCIPAL EXCHANGES:
| ISE: Irish Stock Exchange |
XBRL PROJECTS OVERVIEW:
| Companies Registration Office Ireland | Development |
| Government of Ireland- Dept. Enterprise | Development |
| Irish Financial Service Reg Auth. | Voluntary Filing |
| Revenue Commissioners Ireland | Development |
| XBRL Ireland | Development |
JURISDICTION MEMBERSHIP:
| Central Statistics Office (Ireland) |
| Chartered Accountants Ireland |
| Companies Registration Office |
| Deloitte (Ireland) |
| Global Business Registry |
| Institute of Taxation Ireland |
| KPMG Ireland |
| PricewaterhouseCoopers Ireland |
| Revenue Commissioners Ireland |
PROGRESS REPORT:
XBRL Ireland continues to make significant progress.
Membership now includes: Accenture, Central Statistics Office,
Companies Registration Office, Deloitte, Ernst & Young, The
Institute of Chartered Accountants in Ireland, The Irish Bankers
Federation, KPMG, Microsoft Ireland, PricewaterhouseCoopers,
The Revenue Commissioners along with a number of prominent
academics. Significant liaison continues with the Irish
Government Department of Enterprise Trade and Employment
in supporting the European Community target of reducing the
compliance burden on business by 25% by 2012. The inclusion
of these discussions represents a growing endorsement of
XBRL within Irish Central Government.
Several Irish agencies and SMEs are also contributing to both
MUSING and BRITE projects, endorsed by the European
Business Register, a collaboration of several leading European
Companies Registration Offices in the electronic exchange of
financial information.
Supporting Adoption in Ireland
The Irish Government review by the Department of Enterprise
Trade and Employment (DETE) Higher Level Group (HLG)
report on business reporting regulation has endorsed the
early adoption of mandatory electronic filing along with XBRL
financial statements.
The DETE reports calls for Companies Registration Office
(CRO) and Revenue Commissioners to work closely together
and to engage with accountancy bodies to produce a crossagency
result which can be replicated by other Government
agencies through their existing customer service mechanisms.
Any necessary legislative change should be made as part of
the proposed Companies Consolidation and Reform Bill.
The High-level Group also suggests that companies that
maintain the e-profile and file accounts through XBRL should
not be required to file duplicate information with any other
Government Department, Agency or Office.
In summary, the Group believes that by introducing a©XBRL International
simultaneous return date to CRO and Revenue, by phasing in
mandatory e-filing, including accounting data in XBRL-format,
and by ensuring that agencies can cross-access data, the
burden on Irish business will be considerably reduced.
Taxonomy Development
The Irish GAAP 2.1 Taxonomy has reached acknowledgement
stage providing a reliable platform for the reporting of Irish
GAAP financial statements in XBRL. A suite of XBRL v2.1 Irish
GAAP financial statements for Irish public companies has been
developed to support the taxonomy.
For more information on XBRL in Ireland please visit
http://www.xbrl-ie.org or contact
Conor O’Kelly
Richard Day